Jim Smith Runs a Company That Sells Encyclopedia Sets for $200

question 26

Multiple Choice

Jim Smith runs a company that sells encyclopedia sets for $200 each. When he employs 5 workers, they can sell 20 sets per week, while only 17 sets are sold when 4 workers are employed. If the wage of workers in this skill category is $500 per week, should the fifth worker be hired?

• A) No, because the MRP of the fifth worker is less than $500 per week.
• B) No, because the MRP of the fifth worker is more than $500 per week.
• C) Yes, because the MRP of the fifth worker is less than $500 per week.
• D) Yes, because the MRP of the fifth worker is more than $500 per week.

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Definitions:

Cognitive Perspective

A psychological approach that focuses on the thinking process and how it influences behavior and emotional responses.

Life Stages

Distinct phases of human development characterized by physical, psychological, and social changes, spanning from birth to death.

Biological Perspective

An approach in psychology and biology that explains behaviors and mental processes through biological factors, such as genetics, neurotransmitters, and the anatomy of the brain.

Mass Media

Diverse media technologies that reach a large audience via mass communication, encompassing news, entertainment, and advertising through outlets like TV, radio, and the Internet.